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CERTIFICATE AS TO ARBITRAGE <br /> We, Shirley Marshall and Gordon Baker, Chairman of the Board <br /> of Commissioners for the County of Orange, North Carolina (the <br /> "County") and Finance Director for said County, being duly <br /> charged with others with responsibility for issuing the $200, 000 <br /> Sanitary Sewer Bond Anticipation Notes of the County, dated June <br /> 29, 1987 and maturing on December 16, 1987 (the "notes") , to be <br /> delivered this day, DO HEREBY CERTIFY pursuant to sections <br /> 1.103-13, 1.103-14 and 1.103-15 of the Treasury Regulations and <br /> under Section 148 of the Internal Revenue Code of 1986, as <br /> amended (the "Code") , as follows: <br /> 1. All of the proceeds of the notes will be used for the <br /> purpose of providing funds for paying (a) a portion of the cost <br /> of constructing a portion of a sanitary sewer system for said <br /> County, including the construction of sewage collector, <br /> interceptor and force mains and lines, sewage pumping facilities <br /> and appurtenant facilities, the construction of a sewage main to <br /> transport sewage to the sanitary sewer system of the Town of <br /> Hillsborough for treatment and the acquisition of any necessary <br /> land, rights of way and equipment therefor (the "Project") and <br /> ( ,) certain legal, accounting and financing expenses incurred in - <br /> connection with the issuance of the notes (the "Issuance <br /> Expenses") . <br /> 2 . The estimated total cost of the Project and the <br /> Issuance Expenses will be at least $1, 589, 045. Said total cost <br /> is expected to be financed by the County from the proceeds of the <br /> notes, investment earnings thereon, the proceeds of state and <br /> federal grants and certain other moneys of the County. <br /> 3 . The proceeds of the notes and all earnings or net <br /> profits to be derived from the investment or deposit of such pro- <br />